Spending surge pushes deficit toward $1 trillion

By Lori Montgomery and Dan Eggen

"Congressional leaders and both presidential candidates are proposing billions of dollars in tax breaks and other measures to stoke economic growth, a surge in spending that could send the federal deficit soaring toward $1 trillion this year, creating the deepest well of red ink since the end of World War II.

The government already has embarked on an unprecedented spending spree to halt the implosion of the U.S. financial system and is borrowing money at levels that some economists fear could undermine the nation’s economic security for years to come. Congress could consider additional spending as soon as next month, potentially digging the nation’s hole even deeper."

msnbc.msn.com/id/27247139/

Sadly, greed has prevailed for several decades in the U.S.:bigyikes: Politicians have pandered to this greed.:tsktsk: The simple fact is that taxes need to be raised to balance the budget.

The country needs to return to higher marginal income tax rates of the 1950’s as long as we have such a huge national debt.

truthandpolitics.org/top-rates.php

During the 1940’s, 1950’s, and 1960’s Hitler was defeated, infrastructure was built, and the economy was far better than it is today without relying on cheap immigrant labor.

And Social Security actually would support a retiree.:clapping:

  • Kathie :bowdown:

On the contrary. Tax cuts are needed to spur the economy. But they need to be targeted as to create the jobs here. If all they do is send the jobs overseas leaving workers at home unemployed while the executives feast on millions per year, then yes the cuts should be rescinded. This is not the same as taxation adn redistribution but it does promote amore balanced economic picture.

It is exactly taxation and redistribution. It is socialism/ crony capitalism and morally it is no different from welfare checks and food stamps.

All hail the free market! Except for subsidies, “targeted” tax breaks, selective trade barriers and, of course, special treatment for companies in each Congressman’s State or district.
Liberals would agree to all of this stuff (quibbles over details of course) but they would want to throw a bunch of regulation on top of it.

Then I guess you’re content with someone makign millions while their neighbor starves and is in poverty. Yeah, that’s Christian. I do not ask the government to tax and redistribute. I pick upon the conscience of every business man to voluntarily use his wealth to create jobs here so that folks do not have to starve. If a business has to save 200,000 dollars then the that fool making a million should morally take a 20% pay cut instead of laying off ten people whose only subsistence is 20,000 a year. But some just don’t grasp this.

They can start by rescinding NAFTA and GATT and stop talking about unifying all of North and South America in to one nation and Give me back the “secure” job I had ten years ago.

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